Congress no longer controls Government thanks to the new "Consumer Protection Act"

We are now totally screwed and Congress can no longer protect us from the almighty powerful and growing Federal Government. In the past when a "government" agency passed an especially egregious regulation a person or company can appeal to there congressman for some relief. Since the House funds all the agencies, they can put pressure on an out of control bureaucracy to be reasonable in their regulations.

Now the new Obama "Consumer Protection Agency" has no oversight from Congress or even the President. They are funding by the "Federal Reserve" which is a consortium with no one but themselves to answer to, somewhat similar to the "Gods" on the Supreme Court. What a new monster has Obama created. Give thanks again to our dear leader. He would make any Marxist proud? Thank you, thank you very much

Unaccountable Excess: Largely unaccountable to Congress and imbued with sweeping powers, the agency is the epitome of regulatory excess. Because the bureau is ensconced within the Federal Reserve, its budget is not subject to congressional control. This budgetary independence limits congressional oversight of the agency.

No Congressional Oversight: Although some financial regulatory agencies, such as the Federal Deposit Insurance Corporation and the Fed itself, also fall outside the congressional appropriations process, they are the exceptions rather than the rule among government agencies.

No Presidential or Fed Supervision, Either: The CFPB’s status within the Fed effectively precludes presidential oversight, while the Federal Reserve is statutorily prohibited from “intervening” in CFPB affairs.

Undefined Authority Risks Abuses of Power: The CFPB’s accountability is further minimized by the vague language of its statutory mandate. It is empowered to punish “unfair, deceptive and abusive” business practices. While unfair and deceptive have been defined in other regulatory contexts, the termabusive is largely undefined, granting the CFPB officials inordinate discretion to define its own powers.

11-12-2012, 01:37 PM

geerair

Quote:

Originally Posted by glennac

We are now totally screwed and Congress can no longer protect us from the almighty powerful and growing Federal Government. In the past when a "government" agency passed an especially egregious regulation a person or company can appeal to there congressman for some relief. Since the House funds all the agencies, they can put pressure on an out of control bureaucracy to be reasonable in their regulations.

Now the new Obama "Consumer Protection Agency" has no oversight from Congress or even the President. They are funding by the "Federal Reserve" which is a consortium with no one but themselves to answer to, somewhat similar to the "Gods" on the Supreme Court. What a new monster has Obama created. Give thanks again to our dear leader. He would make any Marxist proud? Thank you, thank you very much

Unaccountable Excess: Largely unaccountable to Congress and imbued with sweeping powers, the agency is the epitome of regulatory excess. Because the bureau is ensconced within the Federal Reserve, its budget is not subject to congressional control. This budgetary independence limits congressional oversight of the agency.

No Congressional Oversight: Although some financial regulatory agencies, such as the Federal Deposit Insurance Corporation and the Fed itself, also fall outside the congressional appropriations process, they are the exceptions rather than the rule among government agencies.

No Presidential or Fed Supervision, Either: The CFPB’s status within the Fed effectively precludes presidential oversight, while the Federal Reserve is statutorily prohibited from “intervening” in CFPB affairs.

Undefined Authority Risks Abuses of Power: The CFPB’s accountability is further minimized by the vague language of its statutory mandate. It is empowered to punish “unfair, deceptive and abusive” business practices. While unfair and deceptive have been defined in other regulatory contexts, the termabusive is largely undefined, granting the CFPB officials inordinate discretion to define its own powers.

As this appears to be nothing more than another submission in a long line of hysterical screeds from the reliably wingnut Heritage Foundation, we can safely tone down the hysteria by oh say 95% and arrive at a grain of truth.

That being said, this would seem a win for consumers i.e. all of us.

Besides, given the exclamations of hatred for Congress seen here on a daily basis, any reduction of congressional powers should, in your view, be heartily welcomed.

11-12-2012, 10:10 PM

wolfstrike

the truth is, the Constitution was destroyed in the Civil War, long before we were born

11-12-2012, 10:47 PM

glennac

Quote:

Originally Posted by wolfstrike

the truth is, the Constitution was destroyed in the Civil War, long before we were born

Part of it was that's for sure. The 10th Amendment was but the rest has been under attack since FDR and now the Marxist is trying to bury it. Thank you very much

11-12-2012, 11:23 PM

barbar

Quote:

Originally Posted by glennac

Part of it was that's for sure. The 10th Amendment was but the rest has been under attack since FDR and now the Marxist is trying to bury it. Thank you very much

I think that bamabam, has some marxist tendencies, especially after see some of his antics.